China Drying Network News, due to the recovery of market demand and a number of planned new production capacity could not be put into operation on schedule, the Asian phenol market may regain tight supply during 2013~2014. In addition, due to the high prices of pure benzene this year, 200,000 to 300,000 tons of phenol goods imported from the United States and Europe each year may no longer be sold to the Asian market for a long period of time.
Asia's new production capacity for phenol is mainly in China. Due to the lack of production of phenol in China for many years, especially in 2011, the phenol profit was exceptionally high. A number of companies announced that they would build or expand phenol production capacity. From the beginning of last year, China's phenol industry began large-scale production expansion. Plans to put into operation in 2013 include: Shanghai Sinopec Mitsui Chemicals Co., Ltd. capacity of 250,000 tons/year phenol project, Sinopec Yanshan Petrochemical Capacity 137,500 tons/year phenol project, Shandong Lihuayi The Group is located in Dongying, Shandong, with a 350,000-ton/year phenol-acetone plant (including 220,000 tons/year of phenol); plans to put into production after 2014: the 400,000-ton/year phenol project in Nanjing jointly invested by Ineos and Sinopec Yangzi Petrochemical. Spain's CEPSA's Shanghai 250,000-ton/year phenol and Nanjing 400,000-ton/year phenol project, Formosa Petrochemical Phenol (Ningbo) Co., Ltd. 300,000-ton/year phenol project, Taiwan Changchun Petrochemical's Jiangsu Changshu 200,000-ton/year phenol project. In addition, Thai PTT Phenol Company also plans to build a new 250,000 tons/year phenol production capacity by 2014 and expand the old installation by 50,000 tons/year.
However, in reality, many projects may not be put into operation on schedule. Except for the Shanghai project of Sinopec Mitsui Chemicals, which is scheduled to be put into operation on schedule, other projects cannot be implemented on schedule due to the lack of guarantees for raw material supply. Ineos Nanjing's 400,000-ton/year phenol project has not made any progress; Changchun Petrochemical's Jiangsu Changshu project will be postponed; CEPSA's two projects are subject to import due to raw material dependence, and its market competitiveness is also highly questioned; Shandong Lihuayi Group's Dongying The project was shelved due to the supply of raw material propylene. At the same time, in the uncertain global economic environment, the demand for downstream derivatives is not good, and a large number of new production capacity will be gradually put into operation, which will increase the profit pressure of the Asian phenol industry. This also has a certain impact on the progress of the new phenol project.
In terms of market demand, although the overall phenol demand growth rate in Asia will slow down, it is expected that the average growth rate will remain at a level of 6% to 8% in the future, considering that some planning devices cannot be put into operation on schedule due to various reasons. The new capacity will be completely absorbed and absorbed.
Phenol is an important basic organic chemical raw material, many of its downstream products are involved in many fields, and are widely used in industry, mainly for the manufacture of phenolic resin, bisphenol A and caprolactam. The consumption structure of the global phenol market is 40% for the production of bisphenol A, 28% for the production of phenolic resin, 12% for the production of nylon/KA oil, and 20% for other uses.
It is worth mentioning that since the application of phenol derivatives, such as polycarbonate, continues to expand in many fields, including automobiles, office equipment, electrical equipment and building materials, the global phenol market demand will continue to increase in the medium and long term. The growth rate of 4% to 5% continues to increase, and the demand for phenol in the Asian market will increase even faster.
It is predicted that based on the current situation of low inventory in the current market, the Asian phenol market will resume its growth after the start of autumn and will continue into the end of the year. The growth trend of phenol demand will be maintained until next year, and the growth rate will depend on the macroeconomic situation.
It is understood that the current global demand for phenol is about 9 million tons/year, and the annual demand in Asia is 4.2 million tons. In Asia, the demand for phenol in 2010 increased by 8%. Since the second half of 2011, due to the spread of the European debt crisis and the slowdown in China's economic growth, demand in the end markets such as the construction industry, the automotive industry, and the household appliance industry has shrunk significantly, resulting in phenolic resins, water reducers, polycarbonates, and bisphenols. Demand for phenols has fallen sharply in industries such as A. In 2011, the Asian phenol market grew by only 3%.
However, the demand for phenol in the Chinese market has been increasing year by year, with a large increase. In 2010, the apparent consumption reached 1.4 million tons, up 16.7% over the previous year; in 2011, the apparent consumption reached 1.6 million tons, a year-on-year increase of 12.1. %.
In respect of phenol supply, only the 200,000 tons/year phenol project newly built by Jianye Chemical Group's Shiyou Chemical (Yangzhou) Co., Ltd. in eastern China was put into operation in April this year. In addition, South Korea's LG Chemical may delay the commissioning of its new 300,000-ton/year phenol plant in Dashan, which was originally scheduled to enter commercial production on November 1.
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